The International Capital Market Association (ICMA) and the Japan Securities Dealers Association (JSDA) have today signed a joint memorandum of understanding to develop the relationship that already exists between them in order to address together issues of mutual concern that arise for the international markets.
Initially the associations will establish an exchange of information on the securities and capital markets that each association represents, on the following topics:
- Law and regulation, including self regulation.
- Planning, development and operation of efficient trading practices and mechanisms.
- Clearance and settlement procedures.
- Accreditation and training for market professionals.
The MoU was signed today at the Japan Securities Summit being held in London from January 21 to 22, 2008, an event co-hosted by the two organisations to explain the measures which are being taken to strengthen the competitiveness of Japanese financial markets and to increase their attractiveness to international investors. The agreement was signed by Mr René Karsenti, Executive President of ICMA and by Mr Toshio Ando, Chairman of the JSDA.
Commenting on the MoU between the two associations René Karsenti said: "ICMA has been committed for almost forty years to the development of stable, well functioning global capital markets, through the establishment of common standards and market practice. I am very pleased with this important partnership with JSDA as it will enhance information flow between our two organisations and their members, creating the setting essential for increased collaboration and investment between our largely European focused membership and JSDA's members in Japan".
Toshio Ando also commented: "ICMA and JSDA have already developed a relationship of mutual trust and respect, as evidenced by their close collaboration in planning and organising the Japan Securities Summit. Looking forward, it is my great hope that this MoU will provide us with more opportunities to cooperate in increasing the fairness and efficiency of the capital markets that we represent and cope jointly with changes in international financial markets."